BNamericas quoted Mr Arquímedes Hidalgo spokesperson for the Sintralcasa union as saying that Venezuelan aluminum producers are required to present a sector recovery plan to the country's basic industries and mining ministry during the first quarter of 2009.
Mr Hidalgo said that "The plan will be drawn up under the premise that no more raw materials will be produced for export. It will all be tagged for diversifying what we already have. A Mibam committee in charge of the issue said that USD 1.9 billion will be needed for getting companies up to date."
A mining ministry official said that the ministry has allegedly approved a recovery plan that includes paying off debt and updating technology at companies in the sector.
It may be noted that unions from the four state companies in Venezuela's aluminum production chain namely Alcasa, Venalum, Bauxilum and Carbonorca, have been asking the government for several months to invest in technological upgrades at their plants to overcome the operational crisis they are currently experiencing.
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